The ‘great resignation’ is a real phenomenon, and now more than ever, it can be seen across various industries around the world.
It takes a unique type of persona to become a successful entrepreneur and carry the whole organization towards success. The person should be confident in succeeding despite any long odds or heavy headwinds.
Organizations everywhere face a phase where market forces are against them, customer sentiments are sky-high, and attracting and retaining employees becomes a serious challenge.
A big kudos to your organization and culture if your employee attrition rate is top-notch. And even if your employee turnover rate is going up on the scale – you can implement these tips and make your workplace a loved one.
The root cause of this whole scenario is this – bad employee experience. As new businesses are emerging at lightning speed, competition is fiercer than ever before. With the lining numbers of new employees and great opportunities, people jump ship as soon as they feel the need to do so.
To make you a part of the inner circle, we’ll share a few tips with you to retain your talent pool for years to come.
1. Building a quality culture
A quality-level workplace culture fosters the efforts and engagement of all the employees. An organization’s culture comes to a stagnate stage only when the workforce feels underappreciated.
As a layman would define it, workplace culture is “how we do things around here.” All the entities have a unique set of values, vision, rules, and even unwritten routines that eventually add up to their culture.
A company’s culture decides how the employees handle problems, engage with their colleagues, and carry themselves on a day-to-day basis. Because of reasons such as these, it’s crucial to align your culture and the employees from an early stage.
2. A good pay, retains all the way
A handsome remuneration is one of the major factors behind an employee’s motivation to come to work every day.
Salaries have a significant impact on an organization’s retention rate. Other than that, costs of searching for new talent, recruiting, training them, and everything else cost more than the salary of a leaving employee.
With the increasing number of job search engines, such as LinkedIn and Google Jobs, employees can easily access databases and compare salaries of different companies for the same role.
When monetary rewards are constrained, employers should go for a total rewards package that can include training and development opportunities, promotions, incentives, and other recognition events.
These factors encourage employees to remain in their current jobs and save the business from internal disruption.
3. Practice flexibility
Offering remote working options, flexible timing, and allowing leaves when an employee wants creates a good working environment that can put you far ahead of your competition. For the millennials and Gen Z, flexibility is a higher priority than a salary. It helps people maintain a healthy work-life balance.
Flexibility retains and attracts the employees and makes them productive by offering them the space to work whenever and however they want. When a person can practice flexibility, they’re versatile and easy respondents to change. They can quickly adapt to any unexpected demands or events.
4. Learning never stops
When you invest in empowering your employees by teaching them new skills, they see this as an investment, and it creates loyalty by building a strong emotional bond.
Learning and development (L&D) programs are an appealing benefit for today’s generation. It’s one of the top perks younger workers are looking for in new jobs.
L&D programs allow the entities to build their employer brand and, furthermore, promote their culture.
5. Perks and benefits are always a bonus
Many large-scale enterprises offer their employees several valuable benefits that ultimately impact the retention rates as well. Employee Benefits like work from home, vacation offers, bonuses for performance, salary advances, insurances, loans, etc., are all offered nowadays to give the employees a quality experience.
Additional perks can also be in the form of stock options in the company or even retirement schemes. Providing the employees with good benefits program is a positive way to attract new talent and retain the existing ones.
6. Hiring the employee made for your firm
When the right fit is employed, recruiters undergoing additional job searches and looking for yet another professional can be avoided.
The right talent who also aligns well with your company culture will often continue to develop their skills and improve their performance within your organization once they’re recruited.
This will ultimately increase employee retention for the long term and will give better productivity and growth.
7. Occasional ‘pat-on-the-backs’ are appreciated
‘We appreciate your contribution today. You really went above and beyond.’ Mentioning something like this occasionally will ultimately boost your employees’ morale. Managers often forget to appreciate their employees, and that can make an employee feel less worthy and that their hard work isn’t being noticed.
While monetary pay and other benefits are an essential factor in employee retention rates, so is this low-cost option – appreciation.
Companies all around the world often struggle to attract and retain top talents. Many entities offer raises while others develop new and enticing workplace models for employees’ easy adaption.
The most effective solution by far is to invest in the workforce. Building and nurturing a supportive environment where people thrive adds up to an employee’s satisfaction level.
Investing in your own people and always supporting them throughout the whole journey embeds a sense of trust and loyalty which eventually leads to employee retention.
By bringing software like Zimyo into your daily-activities, you can also enhance your employee experience which gives a boost to the retention rates.